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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (June 20–26, 2012)

QFINANCE: News Briefing (June 20–26, 2012)

Each week QFINANCE.com brings you some of the biggest news stories from the past five days in finance and business – essential reading to keep you up to date with latest topics.

Our weekly update had been rescheduled and will now be published every Tuesday!

If you have any views on how we can improve this service or new areas you would like to see covered, please do not hesitate to contact us at qfinancenews@bloomsbury.com

Wednesday June 20


The G20 summit resulted in a commitment from the eurozone members to reduce borrowing costs across the single currency area, according to a communiqué published on Wednesday. Germany, France and Italy agreed on the need to stop the rising government bond yields while Spain was required on the same day, to pay more than 5% borrowing cost for one year.
More on the FT

Thursday June 21


After agreeing on an indebted amount of up to 100bn euros to Spanish banks last week, finance ministers of the eurozone met on Thursday to discuss a bailout for the country. While the new Greek coalition government wants to renegotiate the bailout deals, the PM Samaras declared that Greece wanted to "revise the terms of the loan agreement without jeopardizing the country's European course or its presence in the euro".
More on the BBC

Friday June 22


The IMF has criticized Berlin’s reaction to the crisis on Thursday, urging Germany to consider the resumption of bond buying by the ECB and pumping bailout money directly into teetering banks. IMF chief Lagarde has expressed concerns about “additional tension and acute stress” in both the European banking sector and peripheral governments. Also on Friday, credit rating Moody’s has downgraded 15 global banks including Royal Bank of Scotland, Barclays and HSBC.
More on the FT

Monday June 25


According to a Financial Times research published on Monday, top US and European bankers including JPMorgan Jamie Dimon and Citygroup Vikram Pandit enjoyed an annual pay rise of an average of 12% despite the global fall in profits and shares.  On the euro front, Spain was to officially ask its euro partners for up to 100bn euros to recapitalize its banks.
More on the FT

Tuesday June 26


A report to be debated at the EU summit this Thursday, suggested that countries would transfer oversight of their banks to a supervisor on the EU level, possibly the European Central Bank. The entity would, in return, permit the bloc's bailout fund to help insure deposits and wind down failing lenders.
More on the WSJ

Come back next Tuesday for another report on the world of business and finance.

Tags: banking , central banks , ECB , economic recovery , EU , European Central Bank , European Monetary Union , eurozone , financial crisis , Greece , Greek debt , IMF , International Monetary Fund , regulation , sovereign debt , Spain , stocks and shares , UK , US , US economy
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